Economic Hardship, Poor Banking and Speculative Purchase, Reasons For Cryptocurrency Adoption

Resultant effects of the sour economy and the speculative benefits of cryptocurrency has endeared it to many as revealed in the research of ING International.

The ING Survey On Cryptocurrency

According to an ING mobile banking survey of 14,828 people in 15 different countries on cryptocurrency as a payment method, means of investing and the current trend of participation in digital currency, the findings show an increase in the interest of cryptocurrency.
The opinion poll reveals a drastic increase in interest and awareness of cryptocurrency as 66 percent is aware of cryptocurrency and 35 percent consenting to cryptocurrency as the future of online transactions.
Furthermore, 9 percent of the people consulted confess to holding a volume of cryptocurrency, and 25 percent showed interest in investing in cryptocurrency soon.
Meanwhile, another cryptocurrency-oriented survey of ING among 13 European countries shows that 11 out of the 13 countries have their citizens aware of cryptocurrency. Australia and Poland, leading the pack with 79 percent and 77 percent of their population respectively.
The data shows that men are more oriented about cryptocurrency than the female folks, and age seems not to be a barrier as 60 percent of 65 years and above showed awareness and interest in virtual currencies as well.

Factors Influencing Interest In Cryptocurrency

While many have shown interest in cryptocurrency because it has become a trend to be a part of. Nevertheless, some factors are stimulating the interest of people in cryptocurrency.
Notably is the speculative purchase. Weiss rating crypto assets chart recently revealed Bitcoin to have failed as a currency. Investment in cryptocurrency has been centered on the speculative purchase, which is a purchase made with the hope cashing on share when the value rises.
The founder of Litecoin has lent his voice to it recently, emphasizing the need for cryptocurrency to replace fiat currency for peer-to-peer purchases and use for eCommerce. This would no doubt elevate the currency status of cryptocurrency.
Meanwhile, cryptocurrency has received massive adoption because of the distrust in the central banking system and the economic hardship that has trailed some countries.
Economic inflation in Turkey has made most of its citizens to choose cryptocurrency as a haven from the biting hardship the economy is going through from sanctions in the international system.
Similarly, Romania has seen a 12 percent increase in the ownership of cryptocurrency in the country because of the economic situation of the country.
Venezuela in Latin America has adopted a national cryptocurrency, though it’s accorded failure in the offing by experts in the international arena. Iran plan is also underway with a national cryptocurrency project.
Hyperinflation and distrust of the banking system have made citizens of these countries to see cryptocurrency as the future of investment.

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